Persistence of UK Real Estate returns: a Markov chain analysis

The persistence of investment performance is a topic of perennial interest to investors. Efficient Markets theory tells us that past performance can not be used to predict future performance yet investors appear to be influenced by the historical performance in making their investment allocation decisions. The problem has been of particular interest to investors in real estate; not least because reported returns from investment in real estate are serially correlated thus implying some persistence in investment performance. This paper applies the established approach of Markov Chain analysis to investigate the relationship between past and present performance of UK real estate over the period 1981 to 1996. The data are analysed by sector, region and size. Furthermore some variations in investment performance classification are reported and the results are shown to be robust.

Determination of tube theory parameters using a simple grid model as an example

Although the tube theory is successful in describing entangled polymers qualitatively, a more quantitative description requires precise and consistent definitions of its parameters. Here we investigate the simplest model of entangled polymers, namely a single Rouse chain in a cubic lattice of line obstacles, and illustrate the typical problems and uncertainties of the tube theory. In particular we show that in general one needs 3 entanglement related parameters, but only 2 combinations of them are relevant for the long-time dynamics. Conversely, the plateau modulus can not be determined from these two parameters and requires a more detailed model of entanglements with explicit entanglement forces, such as the slipsprings model. It is shown that for the grid model the Rouse time within the tube is larger than the Rouse time of the free chain, in contrast to what the standard tube theory assumes.

Croig Cave: a late Bronze Age ornament deposition and 3,500 years of coastal foraging in NW Mull, Scotland

Activity within caves provides an important element of the later prehistoric and historic settlement pattern of western Scotland. This contribution reports on a small-scale excavation within Croig Cave, on the coast of north-west Mull, that exposed a 1.95m sequence of midden deposits and cave floors that dated bewteen c 1700 BC and AD 1400. Midden analysis indicated the processing of a .... 950 BC, a penannular copper bracelet a discrete ritual episode within the cycle of otherwise potentially mundane activities. Lead isotope analysis indicates an Irish origin for the copper ore. A piece of iron slag within later midden deposits, dated to c 400 BC, along with high frequencies of wood charcoal, suggest that smithing or smelting may have occurred within the cave. High zinc levels in the historic levels of the midden c AD 1200 might indicate intensive processing of seaweed.

Understanding the spatial mass transfer behaviour of a pulsating jet HMV system: vortex generation and characterisation

The flow patterns generated by a pulsating jet used to study hydrodynamic modulated voltammetry (HMV) are investigated. It is shown that the pronounced edge effect reported previously is the result of the generation of a vortex ring from the pulsating jet. This vortex behaviour of the pulsating jet system is imaged using a number of visualisation techniques. These include a dye system and an electrochemically generated bubble stream. In each case a toroidal vortex ring was observed. Image analysis revealed that the velocity of this motion was of the order of 250 mm s−1 with a corresponding Reynolds number of the order of 1200. This motion, in conjunction with the electrode structure, is used to explain the strong ‘ring and halo’ features detected by electrochemical mapping of the system reported previously.

Modelling human visual navigation using multi-view scene reconstruction

It is often assumed that humans generate a 3D reconstruction of the environment, either in egocentric or world-based coordinates, but the steps involved are unknown. Here, we propose two reconstruction-based models, evaluated using data from two tasks in immersive virtual reality. We model the observer’s prediction of landmark location based on standard photogrammetric methods and then combine location predictions to compute likelihood maps of navigation behaviour. In one model, each scene point is treated independently in the reconstruction; in the other, the pertinent variable is the spatial relationship between pairs of points. Participants viewed a simple environment from one location, were transported (virtually) to another part of the scene and were asked to navigate back. Error distributions varied substantially with changes in scene layout; we compared these directly with the likelihood maps to quantify the success of the models. We also measured error distributions when participants manipulated the location of a landmark to match the preceding interval, providing a direct test of the landmark-location stage of the navigation models. Models such as this, which start with scenes and end with a probabilistic prediction of behaviour, are likely to be increasingly useful for understanding 3D vision.

Scanning tunneling microscopy and molecular dynamics study of the Li2TiO3(001) surface

We have investigated the (001) surface structure of lithium titanate (Li2TiO3) using auger electron spectroscopy (AES), low-energy electron diffraction (LEED), and scanning tunneling microscopy (STM). Li2TiO3 is a potential fusion reactor blanket material. After annealing at 1200 K, LEED demonstrated that the Li2TiO3(001) surface was well ordered and not reconstructed. STM imaging showed that terraces are separated in height by about 0.3 nm suggesting a single termination layer. Moreover, hexagonal patterns with a periodicity of ∼0.4 nm are observed. On the basis of molecular dynamics (MD) simulations, these are interpreted as a dynamic arrangement of Li atoms.

Effect of cattle urine addition on the surface emissions and subsurface concentrations of greenhouse gases in a UK peat grassland

Grazing systems represent a substantial percentage of the global anthropogenic flux of nitrous oxide (N2O) as a result of nitrogen addition to the soil. The pool of available carbon that is added to the soil from livestock excreta also provides substrate for the production of carbon dioxide (CO2) and methane (CH4) by soil microorganisms. A study into the production and emission of CO2, CH4 and N2O from cattle urine amended pasture was carried out on the Somerset Levels and Moors, UK over a three-month period. Urine-amended plots (50 g N m−2) were compared to control plots to which only water (12 mg N m−2) was applied. CO2 emission peaked at 5200 mg CO2 m−2 d−1 directly after application. CH4 flux decreased to −2000 μg CH4 m−2 d−1 two days after application; however, net CH4 flux was positive from urine treated plots and negative from control plots. N2O emission peaked at 88 mg N2O m−2 d−1 12 days after application. Subsurface CH4 and N2O concentrations were higher in the urine treated plots than the controls. There was no effect of treatment on subsurface CO2 concentrations. Subsurface N2O peaked at 500 ppm 12 days after and 1200 ppm 56 days after application. Subsurface NO3− concentration peaked at approximately 300 mg N kg dry soil−1 12 days after application. Results indicate that denitrification is the key driver for N2O release in peatlands and that this production is strongly related to rainfall events and water-table movement. N2O production at depth continued long after emissions were detected at the surface. Further understanding of the interaction between subsurface gas concentrations, surface emissions and soil hydrological conditions is required to successfully predict greenhouse gas production and emission.

On the voltage and distance across the low latitude boundary layer

A pass of the AMPTE-UKS satellite through the low-latitude boundary layer (LLBL) at 8:30 MLT is studied in detail. The magnetosheath field is predominantly northward. It is shown that multiple transitions through part or all of the layer of antisunward flow lead to overestimation of both the voltage across this layer and its width. The voltage is estimated to be only about 3 kV and this implies that the full LLBL is about 1200 km thick, consistent with previous studies.

Auroral bright spot sequence near 1400 MLT: Coordinated optical and ion drift observations

Optical observations of a dayside auroral brightening sequence, by means of all-sky TV cameras and meridian scanning photometers, have been combined with EISCAT ion drift observations within the same invariant latitude-MLT sector. The observations were made during a January 1989 campaign by utilizing the high F region ion densities during the maximum phase of the solar cycle. The characteristic intermittent optical events, covering ∼300 km in east-west extent, move eastward (antisunward) along the poleward boundary of the persistent background aurora at velocities of ∼1.5 km s−1 and are associated with ion flows which swing from eastward to westward, with a subsequent return to eastward, during the interval of a few minutes when there is enhanced auroral emission within the radar field of view. The breakup of discrete auroral forms occurs at the reversal (negative potential) that forms between eastward plasma flow, maximizing near the persistent arc poleward boundary, and strong transient westward flow to the south. The reported events, covering a 35 min interval around 1400 MLT, are embedded within a longer period of similar auroral activity between 0830 (1200 MLT) and 1300 UT (1600 MLT). These observations are discussed in relation to recent models of boundary layer plasma dynamics and the associated magnetosphere-ionosphere coupling. The ionospheric events may correspond to large-scale wave like motions of the low-latitude boundary layer (LLBL)/plasma sheet (PS) boundary. On the basis of this interpretation the observed spot size, speed and repetition period (∼10 min) give a wavelength (the distance between spots) of ∼900 km in the present case. The events can also be explained as ionospheric signatures of newly opened flux tubes associated with reconnection bursts at the magnetopause near 1400 MLT. We also discuss these data in relation to random, patchy reconnection (as has recently been invoked to explain the presence of the sheathlike plasma on closed field lines in the LLBL). In view of the lack of IMF data, and the existing uncertainty on the location of the open-closed field line boundary relative to the optical events, an unambiguous discrimination between the different alternatives is not easily obtained.

Impact of Laptev Sea flaw polynyas on the atmospheric boundary layer and ice production using idealized mesoscale simulations

The interaction between polynyas and the atmospheric boundary layer is examined in the Laptev Sea using the regional, non-hydrostatic Consortium for Small-scale Modelling (COSMO) atmosphere model. A thermodynamic sea-ice model is used to consider the response of sea-ice surface temperature to idealized atmospheric forcing. The idealized regimes represent atmospheric conditions that are typical for the Laptev Sea region. Cold wintertime conditions are investigated with sea-ice–ocean temperature differences of up to 40 K. The Laptev Sea flaw polynyas strongly modify the atmospheric boundary layer. Convectively mixed layers reach heights of up to 1200 m above the polynyas with temperature anomalies of more than 5 K. Horizontal transport of heat expands to areas more than 500 km downstream of the polynyas. Strong wind regimes lead to a more shallow mixed layer with strong near-surface modifications, while weaker wind regimes show a deeper, well-mixed convective boundary layer. Shallow mesoscale circulations occur in the vicinity of ice-free and thin-ice covered polynyas. They are forced by large turbulent and radiative heat fluxes from the surface of up to 789 W m−2, strong low-level thermally induced convergence and cold air flow from the orographic structure of the Taimyr Peninsula in the western Laptev Sea region. Based on the surface energy balance we derive potential sea-ice production rates between 8 and 25 cm d−1. These production rates are mainly determined by whether the polynyas are ice-free or covered by thin ice and by the wind strength.

Seasonal forecasts of tropical cyclone activity in a high-atmospheric-resolution coupled prediction system

Seasonal forecast skill of the basinwide and regional tropical cyclone (TC) activity in an experimental coupled prediction system based on the ECMWF System 4 is assessed. As part of a collaboration between the Center for Ocean–Land–Atmosphere Studies (COLA) and the ECMWF called Project Minerva, the system is integrated at the atmospheric horizontal spectral resolutions of T319, T639, and T1279. Seven-month hindcasts starting from 1 May for the years 1980–2011 are produced at all three resolutions with at least 15 ensemble members. The Minerva system demonstrates statistically significant skill for retrospective forecasts of TC frequency and accumulated cyclone energy (ACE) in the North Atlantic (NA), eastern North Pacific (EP), and western North Pacific. While the highest scores overall are achieved in the North Pacific, the skill in the NA appears to be limited by an overly strong influence of the tropical Pacific variability. Higher model resolution improves skill scores for the ACE and, to a lesser extent, the TC frequency, even though the influence of large-scale climate variations on these TC activity measures is largely independent of resolution changes. The biggest gain occurs in transition from T319 to T639. Significant skill in regional TC forecasts is achieved over broad areas of the Northern Hemisphere. The highest-resolution hindcasts exhibit additional locations with skill in the NA and EP, including land-adjacent areas. The feasibility of regional intensity forecasts is assessed. In the presence of the coupled model biases, the benefits of high resolution for seasonal TC forecasting may be underestimated.

Intake, water consumption, ruminal fermentation, and stress response of beef heifers fed after different lengths of delays in the daily feed delivery time

Four rumen-fistulated Holstein heifers (134 +/- 1 kg initial BW) were used in a 4 x 4 Latin square design to determine the effects of delaying daily feed delivery time on intake, ruminal fermentation, behavior, and stress response. Each 3-wk experimental period was preceded by 1 wk in which all animals were fed at 0800 h. Feed bunks were cleaned at 0745 h and feed offered at 0800 h (T0, no delay), 0900 (T1), 1000 (T2), and 1100 (T3) from d1 to 21 with measurements taken during wk 1 and 3. Heifers were able to see each other at all times. Concentrate and barley straw were offered in separate compartments of the feed bunks, once daily and for ad libitum intake. Ruminal pH and saliva cortisol concentrations were measured at 0, 4, 8, and 12 h postfeeding on d 3 and 17 of each experimental period. Fecal glucocorticoid metabolites were measured on d 17. Increasing length of delay in daily feed delivery time resulted in a quadratic response in concentrate DMI (low in T1 and T2; P = 0.002), whereas straw DMI was greatest in T1 and T3 (cubic P = 0.03). Treatments affected the distribution of DMI within the day with a linear decrease observed between 0800 and 1200 h but a linear increase during nighttimes (2000 to 0800 h), whereas T1 and T2 had reduced DMI between 1200 and 1600 h (quadratic P = 0.04). Water consumption (L/d) was not affected but decreased linearly when expressed as liters per kilogram of DMI (P = 0.01). Meal length was greatest and eating rate slowest in T1 and T2 (quadratic P <= 0.001). Size of the first meal after feed delivery was reduced in T1 on d 1 (cubic P = 0.05) and decreased linearly on d 2 (P = 0.01) after change. Concentrate eating and drinking time (shortest in T1) and straw eating time (longest in T1) followed a cubic trend (P = 0.02). Time spent lying down was shortest and ruminating in standing position longest in T1 and T2. Delay of feeding time resulted in greater daily maximum salivary cortisol concentration (quadratic P = 0.04), which was greatest at 0 h in T1 and at 12 h after feeding in T2 (P < 0.05). Daily mean fecal glucocorticoid metabolites were greatest in T1 and T3 (cubic P = 0.04). Ruminal pH showed a treatment effect at wk 1 because of increased values in T1 and T3 (cubic P = 0.01). Delaying feed delivery time was not detrimental for rumen function because a stress response was triggered, which led to reduced concentrate intake, eating rate, and size of first meal, and increased straw intake. Increased salivary cortisol suggests that animal welfare is compromised.

Climatological features of cutoff low systems in the Southern Hemisphere

Cutoff lows (COLs) pressure systems climatology for the Southern Hemisphere (SH), between 10 degrees S and 50 degrees S, using the National Center for Environmental Prediction-National Center for Atmospheric Research (NCEP-NCAR) and the ERA-40 European Centre for Medium Range Weather Forecast (ECMWF) reanalyses are analyzed for the period 1979-1999. COLs were identified at three pressure levels (200, 300, and 500 hPa) using an objective method that considers the main physical characteristics of the conceptual model of COLs. Independently of the pressure level analyzed, the climatology from the ERA-40 reanalysis has more COLs systems than the NCEP-NCAR. However, both reanalyses present a large frequency of COLs at 300 hPa, followed by 500 and 200 hPa. The seasonality of COLs differs at each pressure level, but it is similar between the reanalyses. COLs are more frequent during summer, autumn, and winter at 200, 300, and 500 hPa, respectively. At these levels, they tend to occur around the continents, preferentially from southeastern Australia to New Zealand, the south of South America, and the south of Africa. To study the COLs at 200 and 300 hPa from a regional perspective, the SH was divided in three regions: Australia-New Zealand (60 E-130 W), South America (130 degrees W-20 degrees W), and southern Africa (20 degrees W-60 degrees E). The common COLs features in these sectors for both reanalyses are a short lifetime (similar to 80.0% and similar to 70.0% of COLs at 200 and 300 hPa, respectively, persisting for up to 3 days), mobility (similar to 70.0% and similar to 50% of COLs at 200 and 300 hPa, respectively, traveling distances of up to 1200 km), and an eastward propagation.